Emotional awareness (EA) has been defined as the cognitive skill devoted to the identification and description of one’s own and others’ emotional experiences, an ability that has usually been conceptualized along with the development of cognitive intelligence. Despite this, EA has also been deemed a central constituent of Emotional Intelligence (EI), a construct that captures individual differences in how we perceive, communicate, regulate, and understand our own emotions, as well as the emotions of others. The overlap between the cognitive and the emotional domain in the definition of the EA construct has created several difficulties in both its understanding and its usage, so much so that several questions regarding its nature and structure remain unanswered. The aim of the present work was to test in a unique model the explanatory role of both trait EI and fluid nonverbal intelligence on EA variability in children, controlling for the effect of age, a variable strictly related to cognitive development, as well as gender, which is highly associated with trait EI during childhood. Four hundred and eighty-eight pupils (258 females and 230 males) ranging from 8 to 12 years old completed the Levels of Emotional Awareness Scale for Children, the Trait Emotional Intelligence Questionnaire – Child Form, and a measure of pure non-verbal reasoning ability, the Raven’s Progressive Matrices. The results of a structural equation model showed a positive explanatory power of both Raven and TEIQue scores on EA, revealing that both cognitive intelligence and trait EI significantly explained EA. The same model also showed an indirect effect of age, via intelligence scores, on EA, suggesting that the increase of EA with age could be partially imputed to the development of intelligence. Finally, a relation between gender and TEIQue scores confirmed higher trait EI scores in girls than in boys. The implications emerging from this model are discussed.